新股发行定价的聚类分析方法研究

The Study of Cluster Analysis About IPO Prcing

新股定价问题一直是国际金融界公认的最具迷惑性的难题之一。针对我国证券市场的特点 ,对现行国内外各种新股定价模型和理论进行了研究。在此基础上 ,将多元分析方法的聚类分析应用于新股定价中 ,并通过实证研究表明这种方法是一种比较实用的、客观有效的新股定价方法 ,该方法可以有效地解决新股抑价现象 ,并对我国新股发行定价的改革将产生重要的指导意义。

The pricing of initial public offering has been one of the new issue puzzles in finance. Based on the unique character of the Chinese stock market, this paper examines the popular models and theories of the pricing of IPO of the world. A new way that applies the cluster analysis which is one of multi-statistic analysis, is used in the pricing of the initial public offering. By empirical analysis, it it proved to be an effective and feasible method to the pricing of IPO. This way can effectively solve the underpricing of IPO and give some insights and under standing to the reform of the pricing of new issues on our country's security market.